What if Social Security runs out of money? - Independent Institute
The Social Security Trustees report is an annual report that provides information about the current and projected financial status of the Social Security and Medicare trust funds. The latest annual report shows the Trust Fund will run out of money at the end of 2033. Social Security will not go bankrupt; it means; when this happens, Social Security recipients will see their benefits reduced by 20 percent. The program will still be able to pay out 80 percent of its benefits due to taxes. Craig Eyermann discusses the Congressional Budget Office findings on how this event would impact the federal government’s fiscal outlook and the nation’s economy. Read Mr. Eyermann’s article here….
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